The Firm of Gardner & Billing, CPAs PLLC

In April 2014, both the Senate Tax Committee, and the House Ways and Means Committee each voted to extend approximately 50 tax breaks for a two-year period as part of “extender” packages.   The Senate package would cost about eighty-five billion while the House package would cost about 130 billion over 10 years.   These breaks expired at the end of 2013. High on the list of extended tax breaks in both bills is the proposed increase in the maximum Section 179 expending for 2014 and 2015 from the current $25,000 to $500,000. The House bill would make permanent the five-year built-in-gain period for S Corporations. The two houses will meet to reconcile their respective packages, although it is unclear whether anything gets done before the November mid-term elections. Our staff discussed the diminished depreciation deduction for 2014   in many of our tax appointments this past few months; and it was a legitimate concern how the lower threshold was going to impact  

 Planning a family vacation this summer?  Check out this article from www.howstuffworks.com by Emilie Sennebogen and take a tip from our very own Melissa Billing, who one year had Montana beef shipped straight from the ranch to Disney World to save on family vacation food costs! _______________________________________________________ When it comes time to pack up the Family Truckster for a road trip, you should set your sights on having a good time, not worrying about your trip’s financial tally.  You can save a lot of money by finding alternative transportation to air travel, which also has its other headaches; but road trips aren’t cheap either, when you factor in the high fuel costs and wear and tear on your vehicle.  Don’t forget hotels, tolls, meals and the cost of the fun things you have planned.  By the time you get home, your cranky, raod-weary family could have racked up a huge credit card bill.  Here are a few tips to help you save a little cash on your next